The state of California must pass a budget by tomorrow or its credit rating could tumble to junk status. Both Moody's and Standard & Poor's have warned the state of a multinotch downgrade if the state fails to approve a budget.

California currently has an A2 rating, the lowest of any state. Governor Arnold Schwarzenegger needs to close a $24.3 billion budget deficit and has threatened to cut essential services if a budget agreement cannot be reached.

On Wednesday, July 1, California Controller John Chiang will begin to pay bills with IOUs because he will run out of cash if the legislature doesn't deal with the deficit for the coming fiscal year. Fitch Ratings downgraded California's general obligations Friday to single-A-minus from single-A, citing "the magnitude of the state's financial and institutional challenges and persistent economic and revenue weakening."

The state of California must pass a budget by tomorrow or its credit rating could tumble to junk status. Both Moody's and Standard & Poor's have warned the state of a multinotch downgrade if the state fails to approve a budget.

California currently has an A2 rating, the lowest of any state. Governor Arnold Schwarzenegger needs to close a $24.3 billion budget deficit and has threatened to cut essential services if a budget agreement cannot be reached.

On Wednesday, July 1, California Controller John Chiang will begin to pay bills with IOUs because he will run out of cash if the legislature doesn't deal with the deficit for the coming fiscal year. Fitch Ratings downgraded California's general obligations Friday to single-A-minus from single-A, citing "the magnitude of the state's financial and institutional challenges and persistent economic and revenue weakening."

The state of California must pass a budget by tomorrow or its credit rating could tumble to junk status. Both Moody's and Standard & Poor's have warned the state of a multinotch downgrade if the state fails to approve a budget.

California currently has an A2 rating, the lowest of any state. Governor Arnold Schwarzenegger needs to close a $24.3 billion budget deficit and has threatened to cut essential services if a budget agreement cannot be reached.

On Wednesday, July 1, California Controller John Chiang will begin to pay bills with IOUs because he will run out of cash if the legislature doesn't deal with the deficit for the coming fiscal year. Fitch Ratings downgraded California's general obligations Friday to single-A-minus from single-A, citing "the magnitude of the state's financial and institutional challenges and persistent economic and revenue weakening."

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

I'll be the first to blame a Republican for overspending or taxing too much.....it's not the name....it's the principles that matter....

California is going to JUNK status because of the liberal principles of tax and spend beyond their means...same thing the Big O is doing...

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

I'll be the first to blame a Republican for overspending or taxing too much.....it's not the name....it's the principles that matter....

California is going to JUNK status because of the liberal principles of tax and spend beyond their means...same thing the Big O is doing...

Click to expand...

Actually the problem is that they can't tax, because the Republicans over there are batshit insane, as opposed to just normally insane like most other places.

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

hey moron, republican doesnt always equal conservative
and in fact in recent history, it hasnt even been close

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

I'll be the first to blame a Republican for overspending or taxing too much.....it's not the name....it's the principles that matter....

California is going to JUNK status because of the liberal principles of tax and spend beyond their means...same thing the Big O is doing...

Click to expand...

Actually the problem is that they can't tax, because the Republicans over there are batshit insane, as opposed to just normally insane like most other places.

Click to expand...

they already pay some of the highest taxes in the country
how about they start cutting some of the pork spending

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

I'll be the first to blame a Republican for overspending or taxing too much.....it's not the name....it's the principles that matter....

California is going to JUNK status because of the liberal principles of tax and spend beyond their means...same thing the Big O is doing...

Click to expand...

Actually the problem is that they can't tax, because the Republicans over there are batshit insane, as opposed to just normally insane like most other places.

Click to expand...

well this thread is going to prove just about every posters saying about you Nik...you dont know what the fuck you are talking about.....this shit was happening before Arnold dipshit....the VERY liberal legislature has been in the process of screwing over this state since Grey Davis,with horrible contracts to the state unions which is killing the state,you name the problem,and the legislature was part of the problem,going back 15 years....Arnolds problem is he is trying to be something to everyone,which he cant be.....and they CANT TAX??....are you fucking crazy...this state has a pretty high tax rate,and tries to tax you for everything,and if the tax gets voted down,they will try another way to tax you....i think you had best stay at home on this one Nik.....you are WAY outta your league here...but if you wanna show everyone how fucking stupid you are....then lets GET IT ON....

Sure he is. If you want to say this is Obamas economy, well California is Arnolds economic, and he is a Republican. So that means we get to blame Californias woes on the Republicans. Fun how consistency works, eh?

Click to expand...

NICE TRY BUT:

Everyone knows that California is the 2nd most liberal state in the Union--behind 1st place New York. They are both in very deep financial crisis because LIBERALS in these states have run deficits up to astronomical levels. California being the "safe haven" for illegals under Nancy Pelosi's policies--free health care & education, etc. etc.

But, I have never considered Arnold a conservative republican anyway.He would have never gotten elected in the State of California--if he were conservative.

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